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Alterra Power Announces Joint Venture for Italian Assets

VANCOUVER, Nov. 28, 2013 /CNW/ - Alterra Power Corp. (TSX: AXY) is
pleased to announce that it has entered into a joint venture with an
affiliate of Graziella Green Power ("Graziella"), an Italian developer
of solar and geothermal assets. The joint venture will further advance
the Mensano and Roccastrada geothermal concessions which Alterra was
awarded in 2011. Graziella will fund approximately $4.0 million for the
joint venture's next development activities, and will own a 55%
interest in the joint venture.

Paul Rapp, Alterra's VP of geothermal and wind operations, said "We are
pleased to be working with Graziella Green Power, a strong Italian
partner with a proven track record of project development. We believe
the joint venture is well-positioned to advance these prime geothermal
properties to the next stage of development and to take advantage of
other project opportunities."

About Alterra Power Corp.

Alterra Power Corp. is a leading global renewable energy company,
managing seven power plants totaling 616 MW of capacity, including
British Columbia's largest run-of-river hydro facility and largest wind
farm, two geothermal facilities in Iceland, a geothermal plant in
Nevada, and a solar facility in Ontario. Alterra owns a 302 MW share of
this production capacity, generating approximately 1,400 GWh of clean
power annually. Alterra also has an extensive portfolio of exploration
and development projects and a skilled international team of
developers, explorers, builders and operators to support its growth
plans.

The company trades on the Toronto Stock Exchange under the symbol AXY and OTC in the United States as MGMXF.

Cautionary Note regarding Forward-Looking Statements and Information

This news release contains certain "forward-looking information" within
the meaning of Canadian securities laws, which may include, but is not
limited to, statements with respect to future events or future
performance, the fulfillment of all conditions precedent to the
obligation of the parties under the agreements, required consents and
third party approvals. This news release also contains statements with
respect to our plans to expand our operations, management's
expectations regarding our growth, business prospects and opportunities
and energy generation capacities. Such forward-looking information
reflects management's current beliefs and is based on information
currently available to management.